---
title: "How to Find Investors for a Proptech Startup: By Stage and State"
author: "Muhammad Tayyab Shabbir"
last_updated: "2026-11-10"
data_as_of: "November 2026"
publisher: "The Investor Database"
canonical: "https://theinvestordatabase.com/guides/how-to-find-investors-for-a-proptech-startup/"
---

# How to Find Investors for a Proptech Startup: Stage Mix, States and Fund Sizes

By Muhammad Tayyab Shabbir. Last updated 10 Nov 2026. Data as of November 2026.

To find investors for a proptech and real estate tech startup, start from our list of [159 proptech and real estate tech investors](https://theinvestordatabase.com/lists/proptech-investors/) and narrow it by stage, place and fund size. Seed is the stage they name most (103 of the 128 with a stage on file), ahead of pre-seed. About three fifths are in the US, where California leads with 35. The median fund on file from SEC Form D is $68M, above the $50M for every investor we hold with such a figure.

- **159** proptech and real estate tech investors on the list
- **80%** of the 128 with a stage on file name seed
- **36%** of the US ones with a state on file are in California
- **$68M** median fund size on file (SEC Form D, 78 firms)

By type, the 159 are 121 VC firms, 11 fund managers, 10 corporate venture arms, 7 single family offices and 4 accelerators, with 6 of other types. The tags these investors most often carry beside proptech and real estate tech are SaaS and B2B software (103), AI (96) and fintech (79).

## What do proptech and real estate tech investors look for?

Property is a slow market made of long contracts, so an investor reads a real estate technology pitch for proof that buyers commit. The evidence is signed customers, the length and size of their contracts, and how many trials became paying accounts.

- **Who is the customer: owner, operator, broker, lender or tenant?** Each has a different budget and a different reason to change how it works.
- **How long does a sale take?** The round has to fund the whole sales cycle, so its length belongs in the plan.
- **Does the product depend on a license or a data source you do not control?** Brokerage rules, lending rules and access to listing data differ from place to place.

## Which stage do proptech and real estate tech investors back?

Among the 128 of the 159 with a stage on file (a firm can state several), seed comes first with 103 (80%), then pre-seed (50), Series A (48), growth (32) and Series B (18). Set against every investor we hold, the group leans toward seed (80% here, 75% overall) and away from growth (25% here, 28% overall). With about four fifths naming seed, a seed round has the widest field on this list.

| Stage (our research) | Proptech investors | Share of the 128 with a stage on file | Share of all 159 on the list | Same share, all investors with a stage | Difference in points |
|---|---|---|---|---|---|
| [Pre-seed proptech investors](https://theinvestordatabase.com/lists/pre-seed-proptech-investors/) | 50 | 39% | 31% | 39% | 0 |
| [Seed proptech investors](https://theinvestordatabase.com/lists/seed-proptech-investors/) | 103 | 80% | 65% | 75% | +5 |
| [Series A proptech investors](https://theinvestordatabase.com/lists/series-a-proptech-investors/) | 48 | 38% | 30% | 34% | +4 |
| [Series B proptech investors](https://theinvestordatabase.com/lists/series-b-proptech-investors/) | 18 | 14% | 11% | 14% | 0 |
| [Growth-stage proptech investors](https://theinvestordatabase.com/lists/growth-proptech-investors/) | 32 | 25% | 20% | 28% | -3 |

## Where are proptech and real estate tech investors based?

About three fifths of the list is American: 99 of the 159 are in the US, 23 in the UK and 37 in the rest of Europe. Among the 98 US investors with a state on file, California holds 36% (35), in line with its 36% share of all US investors we hold. New York is a distant second with 14, then Illinois (8) and Texas (7). Illinois stands out: it holds 8% of this group and 3% of all US investors.

| State | Proptech investors | Share of the 98 with a state on file | Share of all US investors | Difference in points |
|---|---|---|---|---|
| [California](https://theinvestordatabase.com/lists/proptech-investors-in-california/) | 35 | 36% | 36% | 0 |
| New York | 14 | 14% | 15% | -1 |
| Illinois | 8 | 8% | 3% | +5 |
| Texas | 7 | 7% | 6% | +1 |
| Washington | 4 | 4% | 2% | +2 |
| Massachusetts | 3 | 3% | 6% | -3 |
| Florida | 3 | 3% | 6% | -3 |
| Utah | 3 | 3% | 2% | +1 |

By city, counting the head offices of every type of investor, the largest groups are New York (14), San Francisco (10), Chicago (6) and Los Angeles (4).

| City | State | Proptech investors | Share of the 99 in the US |
|---|---|---|---|
| New York | NY | 14 | 14% |
| San Francisco | CA | 10 | 10% |
| Chicago | IL | 6 | 6% |
| Los Angeles | CA | 4 | 4% |
| Menlo Park | CA | 3 | 3% |
| Mill Valley | CA | 3 | 3% |
| Dallas | TX | 3 | 3% |

Metro area lists for this sector, each with its own row count: [Proptech investors in the San Francisco Bay Area](https://theinvestordatabase.com/lists/proptech-investors-in-san-francisco-bay-area/) (22).

The same investors as lists by region: [Proptech venture capital firms in the US](https://theinvestordatabase.com/lists/proptech-investors-us/) (96), [Proptech investors in the UK](https://theinvestordatabase.com/lists/proptech-investors-uk/) (23), [Proptech investors in Europe](https://theinvestordatabase.com/lists/proptech-investors-europe/) (37).

## How big are proptech and real estate tech funds?

Across the 78 of the 159 proptech and real estate tech investors with a fund size from SEC Form D on file, the median is $68M, above the $50M for every investor we hold with such a figure. About a third of these funds are under $25M and 37% are $100M or more. The figure is the fund as filed, not a check size, and a firm's main fund on our record, which is not always its newest; for 20 of the 78 the offering amount is indefinite, so it is the amount sold so far.

| Fund size on file (SEC Form D) | Proptech investors | Share | Share, all investors with a figure |
|---|---|---|---|
| Under $10M | 10 | 13% | 15% |
| $10M to $25M | 14 | 18% | 18% |
| $25M to $50M | 6 | 8% | 15% |
| $50M to $100M | 19 | 24% | 19% |
| $100M to $250M | 20 | 26% | 19% |
| $250M to $1B | 9 | 12% | 12% |
| $1B and over | 0 | 0% | 1% |

## Which proptech and real estate tech investors can you look at first?

Real estate technology draws two kinds of investor: venture funds that back software, and property owners and their corporate arms that back tools they can use themselves. The second kind can be a customer as well as an investor. Decide early whether you want that, because it shapes who else joins the round.

The 8 firms below are among the free rows of our list of [proptech venture capital firms in the US](https://theinvestordatabase.com/lists/proptech-investors-us/) (96): each names the sector in its own description, and they stand in that list's order, by our activity score, which is no measure of quality.

### Building Ventures

HQ: Boston, Massachusetts · Type: VC firm · Stages (our research): Seed · Latest activity: New deal, Sep 2026 (our research) · Fund size on file: $100M (SEC Form D, 2021)

Boston venture capital firm investing in early-stage startups that change how the built environment is designed, built, operated and experienced.

Profile: https://theinvestordatabase.com/investors/building-ventures/

### Nine Four Ventures

HQ: Chicago, Illinois · Type: VC firm · Stages (our research): Pre-seed, Seed, Series A · Latest activity: Portfolio news, Oct 2026 (our research) · Fund size on file: $100M (SEC Form D, 2022)

Chicago early-stage PropTech investor backing technologies for the built world, with access to an owned portfolio of properties where startups can test products.

Profile: https://theinvestordatabase.com/investors/nine-four-ventures/

### Prudence.

HQ: New York, New York · Type: VC firm · Stages (our research): Series A, Series B · Latest activity: Form D filing, Aug 2026 · Fund size on file: $150M (SEC Form D, 2022)

New York early-stage investor in AI and software companies serving the built world, including construction, real estate and infrastructure.

Profile: https://theinvestordatabase.com/investors/prudence/

### Third Prime

HQ: New York, New York · Type: VC firm · Stages (our research): Seed · Latest activity: Form D filing, Jun 2026 · Fund size on file: $88M (SEC Form D, 2024)

Early-stage venture firm based in New York and Nashville with portfolio in proptech, fintech and industrial technology.

Profile: https://theinvestordatabase.com/investors/third-prime/

### TenOneTen Ventures

HQ: Los Angeles, California · Type: VC firm · Stages (our research): Seed · Latest activity: New deal, Jul 2026 (our research) · Fund size on file: $75M (SEC Form D, 2023)

Seed-stage fund investing in technical founding teams in essential industries such as healthcare, logistics, real estate and manufacturing. Founded by operators with prior exits. Based in Los Angeles, CA.

Profile: https://theinvestordatabase.com/investors/tenoneten-ventures/

### Great Wave Ventures

HQ: New York, New York · Type: VC firm · Stages (our research): Pre-seed, Seed, Series A · Latest activity: New fund, May 2026 (our research) · Private fund assets: $31M (SEC Form ADV)

New York, NY early-stage firm investing from pre-seed to Series A in industrial technology across construction, real estate, logistics, manufacturing, energy and space, currently focused on physical AI.

Profile: https://theinvestordatabase.com/investors/great-wave-ventures/

### RPM Ventures

HQ: Ann Arbor, Michigan · Type: VC firm · Stages (our research): Seed · Latest activity: Form D filing, Sep 2026 · Fund size on file: $165M (SEC Form D, 2026)

Ann Arbor, MI early-stage venture firm with a focus on financial services, insurance, real estate and new space.

Profile: https://theinvestordatabase.com/investors/rpm-ventures/

### Zacua Ventures

HQ: San Mateo, California · Type: VC firm · Stages (our research): Pre-seed, Seed · Latest activity: New deal, Oct 2026 (our research) · Fund size on file: $89M (SEC Form D, 2025)

San Mateo global early-stage fund investing in built environment startups focused on sustainability, productivity and urbanization.

Profile: https://theinvestordatabase.com/investors/zacua-ventures/

## Which US proptech and real estate tech investors filed with the SEC most recently?

43 of the 99 US proptech and real estate tech investors (43%) have a Form D filing dated in the 12 months to 6 Nov 2026, a first notice or the yearly amendment of an older fund, above the 38% for all US investors we hold. Our file of new fund notices for the 8 weeks to 6 Nov 2026 holds 9 from 8 of these investors, among them [Steel Atlas](https://theinvestordatabase.com/investors/steel-atlas/), [Earthshot Ventures](https://theinvestordatabase.com/investors/earthshot-ventures/) and [Switchboard](https://theinvestordatabase.com/investors/switchboard/).

**US investors tagged proptech and real estate tech with a public profile, newest filing first, new notices and amendments alike; the amount is the one on that filing, which can be a side vehicle or an amount sold so far, and the 8-week file holds new notices only.**

| Investor | Location | Stages (our research) | Latest Form D filing | Amount on that filing |
|---|---|---|---|---|
| [Steel Atlas](https://theinvestordatabase.com/investors/steel-atlas/) | New York, New York | Not stated | 2 Nov 2026 | $100M |
| [Earthshot Ventures](https://theinvestordatabase.com/investors/earthshot-ventures/) | San Francisco, California | Pre-seed, Seed, Series A, Series B | 13 Oct 2026 | $77M |
| [Emergence Capital](https://theinvestordatabase.com/investors/emergence-capital/) | San Francisco, California | Seed | 9 Oct 2026 | Not stated |
| [Bewater](https://theinvestordatabase.com/investors/bewater/) | Winnetka, Illinois | Not stated | 5 Oct 2026 | $150M |
| [Switchboard](https://theinvestordatabase.com/investors/switchboard/) | Denver, Colorado | Seed, Series A | 5 Oct 2026 | Not stated |
| [Ecosphere Ventures](https://theinvestordatabase.com/investors/ecosphere-ventures/) | Sugar Land, Texas | Pre-seed, Seed | 29 Sep 2026 | $10M |
| [RPM Ventures](https://theinvestordatabase.com/investors/rpm-ventures/) | Ann Arbor, Michigan | Seed | 21 Sep 2026 | $100M |
| [LMNT Ventures](https://theinvestordatabase.com/investors/lmnt-ventures/) | Mercer Island, Washington | Seed | 15 Sep 2026 | $80M |

## What should a proptech and real estate tech founder have ready before the first email?

Property moves slowly and by contract, so lead with signed customers and not with the size of the market.

- Who the customer is (landlord, agent, lender, builder or tenant) and the size of a typical contract.
- How long a pilot runs, and how many pilots have become paid contracts.
- Any license or approval the product depends on, and the places where you hold it.

### Words proptech and real estate tech investors use

- **Door:** One apartment, house or commercial unit under management. Software for owners is often priced per door.
- **Net operating income:** A building's income after running costs, a figure an owner may judge a product by.
- **MLS:** Multiple listing service: a database of property listings shared among the brokers of one area in the US.
- **Rollout:** The move from a trial in one building to every building a customer owns.

**A common slip.** Opening with the size of the property market. The figure is so large that it tells a reader nothing about your own sales.

## How do you reach proptech and real estate tech investors?

92% of the list has a named decision-maker on file (147 of 159, 742 names in all), above the 84% across the whole database. 43% have a firm email address (68), and 55 publish how they want to be pitched, such as a form or an application page.

Use a pitch route where a firm publishes one, and otherwise write to one named person at a time, starting from the free [outreach email templates](https://theinvestordatabase.com/guides/investor-outreach-email-templates/); the full list is [Proptech investors](https://theinvestordatabase.com/lists/proptech-investors/), all 159 investors, one per row, the first 25 free to read, and the [matching tool](https://theinvestordatabase.com/investor-matching-tool/#s=proptech) opens with proptech and real estate tech already picked.

**Get all 159 investors and 742 named contacts, $49:** https://theinvestordatabase.com/buy/list/proptech-investors. One-time payment. No subscription. No account. Or get the [free sample file](https://theinvestordatabase.com/#sample) (100 investors) first.

## Method and limits

- **Source:** SEC Form D for filing dates and fund sizes; our own research (each firm's website, UK and EU registers) for stage, the sector tag and dated deals.
- **Counts:** The 159 rows of the list this page links to, as of November 2026, set against all 4,178 investors we hold (3,019 in the US); a gap under 3 points is treated as none, and a rank compares the sectors that have a list on this site and at least 30 rows for the measure (10 for a median fund size).
- **Limits:** 1,302 US firms have no sector on file, so the true number of proptech and real estate tech investors is higher; 128 of the 159 here have a stage on file and 78 a fund size from SEC Form D; what investors look for, which ones to keep, the words they use and what to have ready are our advice for this sector, not data about any one investor.

## Questions

### How do I find investors for a proptech and real estate tech startup?

Start from the list of 159 proptech and real estate tech investors, then filter by stage (103 of the 128 with a stage on file name seed), by place (36% of the US ones with a state on file are in California) and by fund size (the median fund on file is $68M).

### What do proptech and real estate tech investors ask founders?

Who is the customer: owner, operator, broker, lender or tenant? How long does a sale take? Does the product depend on a license or a data source you do not control?

### How big are proptech and real estate tech funds?

The median fund on file is $68M across the 78 proptech and real estate tech investors with a figure from SEC Form D, above the $50M for every investor we hold with such a figure.

### Can I contact proptech and real estate tech investors directly?

147 of the 159 have a named decision-maker on file and 68 a firm email address; 55 publish a pitch route, and where one exists it is the way in they ask for.

## Guides for other sectors

- [How to find consumer products and CPG investors](https://theinvestordatabase.com/guides/how-to-find-investors-for-a-cpg-startup/)
- [How to find consumer investors](https://theinvestordatabase.com/guides/how-to-find-investors-for-a-consumer-startup/)
- [How to find ecommerce investors](https://theinvestordatabase.com/guides/how-to-find-investors-for-an-ecommerce-startup/)
- [How to find edtech investors](https://theinvestordatabase.com/guides/how-to-find-investors-for-an-edtech-startup/)
- [How to find climate tech investors](https://theinvestordatabase.com/guides/how-to-find-investors-for-a-climate-tech-startup/)
- [How to find deep tech investors](https://theinvestordatabase.com/guides/how-to-find-investors-for-a-deep-tech-startup/)
- [How to find hardware investors](https://theinvestordatabase.com/guides/how-to-find-investors-for-a-hardware-startup/)
- [How to find impact investors](https://theinvestordatabase.com/guides/how-to-find-investors-for-an-impact-startup/)
- [How to find food and beverage investors](https://theinvestordatabase.com/guides/how-to-find-investors-for-a-food-and-beverage-startup/)
- [How to find SaaS and B2B software investors](https://theinvestordatabase.com/guides/how-to-find-investors-for-a-saas-startup/)
- [How to find fintech investors](https://theinvestordatabase.com/guides/how-to-find-investors-for-a-fintech-startup/)
- [How to find AI investors](https://theinvestordatabase.com/guides/how-to-find-investors-for-an-ai-startup/)
- [How to find healthtech and digital health investors](https://theinvestordatabase.com/guides/how-to-find-investors-for-a-healthtech-startup/)
- [How to find cybersecurity investors](https://theinvestordatabase.com/guides/how-to-find-investors-for-a-cybersecurity-startup/)
- [How to find gaming investors](https://theinvestordatabase.com/guides/how-to-find-investors-for-a-gaming-startup/)

## Related

- [Proptech investors (159)](https://theinvestordatabase.com/lists/proptech-investors/)
- [Proptech venture capital firms in the US (96)](https://theinvestordatabase.com/lists/proptech-investors-us/)
- [Proptech investors in the UK (23)](https://theinvestordatabase.com/lists/proptech-investors-uk/)
- [Proptech investors in Europe (37)](https://theinvestordatabase.com/lists/proptech-investors-europe/)
- [Seed proptech investors (103)](https://theinvestordatabase.com/lists/seed-proptech-investors/)
- [Pre-seed proptech investors (50)](https://theinvestordatabase.com/lists/pre-seed-proptech-investors/)
- [Proptech investors in California (35)](https://theinvestordatabase.com/lists/proptech-investors-in-california/)
- [Match proptech and real estate tech investors to your round](https://theinvestordatabase.com/investor-matching-tool/#s=proptech)
- [How to build an investor list](https://theinvestordatabase.com/guides/how-to-build-an-investor-list/)
- [Investor outreach email templates](https://theinvestordatabase.com/guides/investor-outreach-email-templates/)
- [How many investors to pitch](https://theinvestordatabase.com/guides/how-many-investors-should-you-pitch/)
- [Investor databases compared](https://theinvestordatabase.com/compare/)
- [What is in the investor database](https://theinvestordatabase.com/investor-database/)

## Cite this page

Muhammad Tayyab Shabbir, "How to Find Investors for a Proptech Startup: Stage Mix, States and Fund Sizes", The Investor Database, 10 Nov 2026. https://theinvestordatabase.com/guides/how-to-find-investors-for-a-proptech-startup/